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Archive: Thrift Savings Plan

11Sep

2019

Our team of federal employee benefits consultants, case managers and attorneys have extensively reviewed the federal government’s changes coming in the Thrift Savings Plan (TSP) Modernization Act and we’re excited to share what we’ve learned. The Office of Personnel Management (OPM) will implement these new regulations to all new, current and former federal employee TSP…

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16Jan

2019

The Federal Retirement Thrift Investment Board is planning a “significant launch promotion” beginning this month to implement the Thrift Savings Plan changes stemming from the TSP Modernization Act. Congress imposed a deadline for these changes of November 1st, but the Board plans to implement them on October 1st. Below is a summary of changes participants…

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15Nov

2018

There will be significant changes made to the Thrift Savings Plan. Effective September 2019, these changes will focus on withdrawal options that have previously lacked flexibility. Because of that, many have looked for alternative options that offer more accessibility and control to their retirement savings. Changes Here are the changes you can expect to see:…

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02Nov

2018

There is good news if you are a federal employee saving for retirement. The Internal Revenue Service has announced next year’s contribution limits for the Thrift Savings Plan and for Individual Retirement Accounts. You will be able to contribute more to each. 2019 TSP Contribution Limits The annual contribution limit in 2019 will now be…

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24Sep

2018

There is almost $600 billion just sitting in the Thrift Savings plan waiting for federal employees to use it when they retire. TSP and Congress Congress has a track record of spending money from any available source, so it’s understandable to think of the possibility of them tapping into this money. TSP funds are currently…

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19Sep

2018

The Thrift Savings Plan program will increase the proportion of some investments in certain stocks with the hopes of growing the amount of money annuitants receive after they retire. Agency officials of the Federal Retirement Thrift Investment Board outlined a 15-year strategy to increase the proportion of equities in the Lifecycle (L) funds, which shift…

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10Sep

2018

When you retire, your Thrift Savings Plan account may be the largest source of income you draw from. You’ll want to avoid these mistakes to ensure you maximize your retirement income. Keep Your Beneficiary Forms Updated It may be easy to forget about doing this, but not doing so, could have a significant impact on…

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23Jul

2018

Your Thrift Savings Plan account is where you can save the easiest for your retirement. And for some federal employees, this account balance can be quite large. It may seem enticing to dip into this account if you’re in need of extra money or to put a down payment on a house. First, we’ll look…

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01Jun

2018

Officials have announced how they plan to provide additional flexibility to Thrift Savings Plan participants. The 2017 TSP Modernization Act allows federal employees and retirees to make multiple age-based withdrawals from their TSP accounts and remain eligible for partial withdrawals after leaving government. Further, those who have left government would be able to make multiple…

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26Apr

2018

The Federal Retirement Thrift Investment Board (FRTIB) administers the Thrift Savings Plan and they are saying more military service members are opting into the new blended retirement system each month, however, thousands are forgetting an important step. Around 20,000 participants have opted into the BRS and will receive the automatic 1% contribution from their employing…

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